A mega-merger between Switzerland's two biggest banks would be no threat to Wall Street, one US banking boss insists after reports of talks between Credit Suisse and UBS lit up the banking industry and sent shares in both banks higher this week. Shrugging off what could be the biggest bank deal since the financial crisis, he reiterates that American lenders stopped worrying about these once impregnable financial powerhouses long ago. It is a sentiment that UBS chief Sergio Ermotti is all too aware of. Despite the pair looking after the money of the world's wealthiest people and together managing assets worth £4 trillion, both shrunk their investment banks after the financial crisis. Ermotti has repeatedly said that consolidation across Europe is unavoidable. Speaking at an event in Zurich late last year the UBS boss argued that "the question for Swiss and European banks no longer is 'too big to fail' " – the catchphrase of the 2008 crash after banks were deemed too large to be allowed to go under, forcing governments to bail them out – but instead, " too small to survive ". JP Morgan analyst Kian Abouhossein says Swiss rules are "not favourable of a mega-bank merger" and… Read full this story
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